Oil prices steady on Mideast ceasefire push, China demand weighs
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Oil prices steadied near $74 a barrel on Tuesday as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China, the world’s top oil importer, continued to weigh.
Brent crude futures for December delivery were down 20 cents, or 0.27%, at $74.09 at 0855 GMT. U.S. West Texas Intermediate crude futures for November delivery were 20 cents lower at $70.36 a barrel on the contract’s last day as the front month.
The more actively traded WTI futures for December delivery, which will soon become the front month, fell 22 cents, or 0.3%, to $69.82 per barrel.
Both Brent and WTI settled nearly 2% higher on Monday, recouping some of last week’s more than 7% decline, with no letup of fighting in the Middle East and the market still nervous about Israel’s expected retaliation against Iran potentially leading to a disruption of oil supply.
U.S. Secretary of State Antony Blinken arrived in Israel on Tuesday, the first stop on a Middle East tour in which he will seek to revive talks to end the Gaza war and defuse the spillover conflict in Lebanon.
Source: Reuters
